New Delhi: Hutch-Essar bid and the speculation that surrounds evaluating the price for the fourth largest telecommunication giant Hutch Esar by its bidding rivals seems to be reaching no where.
Hinduja Group said on Thursday that it was "very much in the race" to acquire Hutch-Essar.
Reacting to the media reports that Hinduja has pulled out from the race to acquire Hutch-Essar, Hinduja TMT Executive Chairman Ashok Hinduja said, "I am surprised by the spread of this kind of false news that we are withdrawing form the race for acquiring Hutch- Essar."
"We are very much in the race and our due diligence would start on Monday, February 5,” Hinduja said.
"There is no question of withdrawing from the race," he added. The Times had reported that the UK-based Hinduja brothers, who had earlier expressed interest in buying Hutchison Telecom's stake in the Indian venture, are no longer deemed serious bidders.
British telecom firm Vodafone is expected to lodge a formal bid for buying Hutchison Telecom's 67 per cent stake in Hutch-Essar within days.
Besides Hindujas and Vodafone, others in line to acquire Hutchison's 67 per cent stake include Hutch-Essar's Indian partner Essar, Reliance Communications and Maxis of Malaysia.
With inputs from The Times
Comments
0 comment